Latvia: Market for Frozen Scallops, Including Queen Scallop 2024

Market Size for Frozen Scallops, Including Queen Scallop in Latvia

The Latvian market for frozen scallops, including queen scallop skyrocketed to $X in 2023, surging by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a drastic downturn. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2023, consumption failed to regain momentum.

Exports of Frozen Scallops, Including Queen Scallop

Exports from Latvia

In 2023, overseas shipments of frozen scallops, including queen scallop increased by X% to X tons for the first time since 2019, thus ending a three-year declining trend. Overall, exports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

In value terms, frozen scallops, including queen scallop exports surged to $X in 2023. In general, exports, however, saw a deep slump. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Lithuania (X tons) was the main destination for frozen scallops, including queen scallop exports from Latvia, accounting for a X% share of total exports. Moreover, frozen scallops, including queen scallop exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X kg), more than tenfold.

From 2012 to 2023, the average annual rate of growth in terms of volume to Lithuania amounted to X%.

In value terms, Lithuania ($X) remains the key foreign market for frozen scallops, including queen scallop exports from Latvia, comprising X% of total exports. The second position in the ranking was held by Estonia ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value to Lithuania amounted to X%.

Export Prices by Country

In 2023, the average export price for frozen scallops, including queen scallop amounted to $X per ton, dropping by X% against the previous year. Overall, export price indicated a tangible expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, frozen scallops, including queen scallop export price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2022, and then fell slightly in the following year.

Average prices varied noticeably for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Estonia totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (X%).

Imports of Frozen Scallops, Including Queen Scallop

Imports into Latvia

Frozen scallops, including queen scallop imports into Latvia skyrocketed to X tons in 2023, jumping by X% against 2022. Overall, imports, however, showed a deep setback. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2023, imports remained at a lower figure.

In value terms, frozen scallops, including queen scallop imports surged to $X in 2023. Over the period under review, imports, however, recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2018 when imports increased by X%. As a result, imports attained the peak of $X. From 2019 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Spain (X tons) constituted the largest supplier of frozen scallops, including queen scallop to Latvia, accounting for a X% share of total imports. Moreover, frozen scallops, including queen scallop imports from Spain exceeded the figures recorded by the second-largest supplier, the Netherlands (X kg), sixfold. The third position in this ranking was taken by Estonia (X kg), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Spain amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Estonia (X% per year).

In value terms, Spain ($X) constituted the largest supplier of frozen scallops, including queen scallop to Latvia, comprising X% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a X% share of total imports. It was followed by Estonia, with a X% share.

From 2012 to 2023, the average annual growth rate of value from Spain totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Estonia (X% per year).

Import Prices by Country

The average import price for frozen scallops, including queen scallop stood at $X per ton in 2023, growing by X% against the previous year. Over the period under review, import price indicated strong growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, frozen scallops, including queen scallop import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of X%. The import price peaked in 2023 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform